Slaughter and May has announced that it will be paying end of year bonuses to all its associates, trainees and support staff - but at a reduced rate compared to last year.

While Slaughters' staffers will still be raising their glasses come December, bonus levels have been slashed for the second year running. Associates will receive 5% instead of last year's 8%. Trainees 2.5% instead of 4%. And support staff 2.5% instead of 3%.

No ice for me thanks

Staff won't be too surprised at the drop, given the firm's recent announcement that twenty eight secretarial roles are to be axed by the end of the year, and the news that associates have been shuffled to other parts of the firm from a quiet corporate department. Although it will still be enough to buy all the wet wipes one could possibly need.

Whilst other firms tend to pay out on a discretionary basis, Slaughters has always taken a staunchly communist approach and awarded extra wedge to every single employee. Graham White, the firm's Executive Partner, confirmed that the tradition will continue saying "there is no departure from our Trotskyist beliefs". Vodka jelly babies all round!